Statement from Marcus Stanley, policy director, Americans for Financial Reform, on the confirmation of Jay Clayton as chairman of the Securities and Exchange Commission:
“Leading the SEC is one of the most important positions in government when it comes to protecting the public from the disastrous consequences of Wall Street wrongdoing. We are seriously concerned about what Jay Clayton’s leadership will mean for investors and the economy. His longtime client, Goldman Sachs, played a central role in the devastating financial crisis of 2008 and has a long record of questionable market behavior. Clayton himself has numerous direct personal conflicts of interest due to his relationships with major Wall Street banks. He has no public service record, and despite having had a ringside seat to the 2008 financial disaster has never spoken out or acted on the need for better policing of Wall Street. His responses to questions at his confirmation hearing gave no hint that he will act forcefully in the public interest as the lead regulator of financial markets.
“AFR and other public interest organizations will be paying close attention to the SEC’s actions under Mr. Clayton, and we urge members of Congress to be vigilant in ensuring that the SEC fulfills its responsibilities in protecting us all from dangerous and abusive market practices.”